Vattenfall has inked a deal with Swedish pension fund AMF to partner on a UK offshore wind farm.
The SEK3bn ($354m, £237m) agreement will see AMF take a 49 per cent share in Vattenfall’s 150 MW Ormonde offshore wind farm, which came online in 2012. Vattenfall will retain a majority share and will continue to operate the wind farm.
Magnus Hall, Vattenfall’s president and CEO, said: “The market has shown a considerable interest in Ormonde. The main reason is that the wind farm is profitable and considered to have good prospects for stable and continuous profitability. Our partner AMF is a serious and long-term investor. We are therefore very pleased with completion of this deal.”
Peder Hasslev, Head of Asset Management at AMF, called the investment “sustainable with good returns” and a good fit for his fund. “Conditions for offshore wind power in the UK are favourable,” he added.
Vattenfall’s partnering strategy, announced last year, is aimed at raising funds with which to grow its renewables business. In a statement, the firm said it aims to invest around SEK50bn in new wind projects by 2020 and to triple its wind power capacity to at least 6 GW by 2025.